A rhetorical question was recently posed asking if auctioneers can use ‘reasonably advantageous’ terms and conditions (in their contract with a seller, and between the bidders and the auctioneer?) The answer presented was, “yes.” I certainly concur, depending upon your — or the — definition of “reasonable.”
When a company is valued in excess of a billion dollars, it carries weight in its industry. So it is with Zillow, launched in 2006 to serve as an online database of homes to help sellers find buyers and buyers find homes. But Realtors now accuse the company of breaking its longstanding promise not to compete with them after it introduced a new program connecting buyers and sellers direct. They also say this program will cost homeowners millions in equity.
Sotheby’s New York will offer some 100 works from The Collection of Edward Albee in a dedicated auction on Sept 26. The works are touted to offer an insight into the playwright, regarded as one of the greatest creative minds of the 20th century.
The full proceeds of the sale will benefit The Edward F. Albee Foundation, which provides residency stints for writers and visual artists in Montauk, Long Island.
Our question today involves an auction where the auctioneer/seller is charging a buyer’s premium. For example, a lot sells for US$1,000 and with a 10% buyer’s premium, the buyer of that lot pays US$1,100 (US$1,000 + 10%.)
Following the auction, of course, the auctioneer would have to settle the auction with his seller. In doing so, that settlement paperwork would show (should show) the sellers gross proceeds, any expenses and net the seller is receiving.
I get a laugh sometimes when I review auction terms and conditions. I get an even bigger chuckle when I see that the terms and conditions of the auction are to be enforced strictly but the property descriptions are to be interpreted subjectively.
Path to Abstraction Wassily Kandinsky’s Murnau – Landschaft mit grünem Haus. An expressionist masterpiece by the pioneer of abstract art appearing at auction for the first time as part of Sotheby’s Impressionist & Modern Art Evening Sale London, 21 June 2017.
“Untitled,” a Basquiat painting from 1982, sold for $110.5 million at Sotheby’s auction on Thursday night in New York, according to The New York Times.
Sotheby’s will offer eight rare panels from the legendary ocean liner, the S.S. Normandie, in its June 6 auction of Important Design in New York. The panels will be on public exhibition from June 2-5 at Sotheby’s New York.
From the Forbes family collection, the reverse-glass panels – with an estimated value of about US$1mil -- are part of the History of Navigation mural, designed by French artist Jean Dupas, originally installed in the luxury voyageur’s Grand Salon.
Art Stage Jakarta will open its doors for the second edition of the fair from 11 - 13 August 2017. According to a press release, all "major" Indonesian galleries will be exhibiting "exclusively" at the second annual fair.
The organisers cite the participation of "Indonesia's top six galleries" and some of the artworks they will be presenting at the fair.